TRAFINA Energy Ltd.
TSX VENTURE : TFA.A

TRAFINA Energy Ltd.

October 05, 2011 19:30 ET

Trafina Announces Approval of Primary Recovery Scheme Application

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Trafina Energy Ltd. (TSX VENTURE:TFA.A) ("Trafina" or the "Company") is pleased to announce that it has received final ministerial approval of its Primary Recovery Scheme Application (PRSA). The PRSA allows the Company to commence drilling as many as eight slant wells from one vertical well site on its heavy oil development play in McMullen, Alberta. Construction work to expand an existing vertical well site to accommodate the drilling has begun and subject to rig availability, the Company hopes to commence drilling the slant wells in late November or early December 2011. Proceeds from the sale of the Company's entire working interest in the Pembina Cardium area of Alberta (see September 26, 2011 news release) completed on September 27, 2011 were initially used to reduce indebtedness and thereafter will be used for the Company's McMullen area expenditures.

An updated corporate presentation focusing on Trafina's significant potential at McMullen has been posted on Trafina's website at www.trafinaenergy.com. To view the presentation, click on the presentation link on the home page of the site.

About Trafina

Trafina is a junior oil and gas company based in Calgary, Alberta. The Company's main areas of interest are in the McMullen area of Alberta and in the Rangeview and Divide areas of southwest Saskatchewan with other operated and non-operated production in Wetaskiwin. Trafina's shares trade on the TSX Venture Exchange under the stock symbol TFA.A and warrants trade under the stock symbol TFA.WT.A.

Forward Looking Statements: This news release contains forward looking statements and forward looking information based on management's current expectations regarding the timing for commencement of drilling and the number of future slant wells to be drilled at the Company's McMullen area and a portion of funding thereof. Operational forward looking information is based on management's expectations regarding plans for and results of drilling activity, environmental matters, business prospects and opportunities and future economic conditions. Readers are cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Forward looking statements involves significant known and unknown risks and uncertainties. Reference is made to Trafina's revised annual information form for the year ended December 31, 2010 dated April 8, 2011 and management's discussion and analysis for the six months ended June 30, 2011 for a description of some of the risks that could affect the Company's future results and could cause results to differ materially from those expressed in the Company's forward looking statements. The forward looking statements contained in this news release are made as at the date hereof and, except as required by applicable securities laws, Trafina does not undertake any obligation to update publicly or otherwise any such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Trafina Energy Ltd.
    Kelly J. Ogle
    President and Chief Executive Officer
    (403) 263-0800
    (403) 263-0811 (FAX)

    Trafina Energy Ltd.
    Robert W. Lamond
    Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)
    info@trafinaenergy.com
    www.trafinaenergy.com